Wall Street woke up in a good mood on Monday. Oil prices were tumbling on news of a U.S.-Iran ceasefire, and all three major indexes opened solidly higher. By midday, that optimism had largely evaporated.
The Dow Jones Industrial Average (DJINDICES: ^DJI) was clinging to a 0.2% gain at 12:06 p.m. ET, down from an early peak of 1.3%. The S&P 500 (SNPINDEX: ^GSPC) had slipped 0.2% into the red after starting the day up 0.9%. The Nasdaq Composite (NASDAQINDEX: ^IXIC) was off 0.5%, having completely erased its 1.1% opening pop.
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Brent crude dropped approximately 6% to around $86.40 per barrel after the U.S. and Iran agreed to pause military strikes while diplomatic talks resume. Lower oil means less inflation pressure, which means the Fed might ease up on rate hikes. Treasury yields dipped accordingly.

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